Get the latest news everyday.
by CHRISS W. STREET 2 Aug 2015Newport Beach, CA
Investment in new U.S. factory plant and equipment just hit the highest level since 1958. After 100 years of economic dominance due to cheap and abundant oil, U.S. politicians turned against domestic oil production in the 1970s and the Middle East oil production took off. For the next 40 years, the budget deficit and income inequality soared as high-paying manufacturing jobs went offshore. But with fracking re-establishing America as the planet’s largest energy producer, U.S. manufacturing is back.
Despite the 68 percent plunge in investment in petroleum and mining, the largest drop since 1986, spending on all types of production U.S. facilities increased 65 percent year-over-year in the second quarter, according to Bloomberg News. Even more impressive, for the last 12 months ending June, that pace averaged 64 percent. Continue reading…